Common questions asked concerning the Aviva Equity Release Conveyancing Panel
from members of the public
I am obtaining a mortgage offer from Aviva Equity Release. I intend to instruct a Licensed Conveyancer. Does the Aviva Equity Release Solicitor panel allow for Licensed Conveyancers
Aviva Equity Release’s conveyancing panel is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Our lawyer has uncovered a defect with the lease for the apartment we are purchasing. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the Aviva Equity Release conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Aviva Equity Release?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Aviva Equity Release are the client. A precondition to being on the Aviva Equity Release approved panel is to comply with the CML Handbook requirements (last updated for this lender on Aviva Equity Release). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Aviva Equity Release can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your database of lawyers on the Aviva Equity Release conveyancing panel? Do Aviva Equity Release send you an updated list?
The firms themselves provide us confirmation that they are on the Aviva Equity Release conveyancing panel as opposed to being supplied with a list from Aviva Equity Release directly.
We're in Wales, FTBs purchasing with a mortgage (lender is Aviva Equity Release , but our solicitor is on the Aviva Equity Release conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aviva Equity Release conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Can I be sure that the solicitor on the Aviva Equity Release panel is any good?
obtaining recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your transaction
Two weeks ago we had a mortgage agreed in principle with Aviva Equity Release. Solicitors have been chosen? How long does it take for Aviva Equity Release to send the offer to our conveyancer
There is no definitive answer here. Have Aviva Equity Release done the valuation? Have you advised Aviva Equity Release as your lawyers details and checked that your lawyer is on the Aviva Equity Release conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Aviva Equity Release on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Aviva Equity Release conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Aviva Equity Release. Unless your lawyer obtains specific confirmation in writing that Aviva Equity Release will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Aviva Equity Release to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.